v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2025
FAIR VALUE MEASUREMENTS  
Schedule of Company's Assets that are Measured at Fair Value

The following table presents information about the Company’s assets that are measured at fair value at December 31, 2025 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. The Company did not have any fair value measurements as of December 31, 2024.

  ​ ​ ​

  ​ ​ ​

December 31, 

Description

 

Level

 

2025

Assets:

 

  ​

 

  ​

Investments held in Trust Account

 

1

$

232,460,533

April 24,

  ​ ​ ​

2025

Public Warrants

$

3,036,621

NMSI Warrants

 

2,480,500

Schedule of Financial Assets and Liabilities Measured at Fair Value

The table below provides a summary of the changes in fair value of all financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2025:

  ​ ​ ​

Fair Value

 

Measurement

 

Using Level 3

 

Inputs Total

Balance, December 31, 2024

$

Initial fair value

 

2,480,500

Change in fair value of derivative warrant liabilities

 

1,362,374

Reclassification to additional paid-in capital

(3,842,874)

Balance, December 31, 2025

$

Schedule of Assumptions to Warrant

The Company used the following assumptions to value the Public Warrants and NMSI Warrants at April 24, 2025.

Volatility

  ​ ​ ​

6.6

%

Risk-Free Rate

 

3.8

%

Dividends

$

0.00

Market Adjustment

 

16.7

%

Stock Price

$

9.87

Weighted Term (years)

 

2.83

The Company used a Monte Carlo simulation model with the following assumptions to value the NMSI Warrants at December 31, 2025.

Volatility

  ​ ​ ​

21.20

%

Risk Free Rate

 

3.48

%

Dividends

$

0.00

Market Adjustment

 

14.50

%

Stock Price

$

10.65

Weighted Term (years)

 

1.34